Esports betting has become increasingly popular in recent years, and understanding the odds is crucial to making informed bets. In this article, we’ll break down the basics of esports betting odds, and provide tips for making smart bets. We’ll also mention some of the best esports betting sites to help you get started.
What are Odds in Esports Betting?
Odds in esports betting refer to the probability of a particular outcome occurring in a match or tournament. They are typically expressed in a numerical format, such as 1.5, 2.0, or 3.5, and represent the payout that a bettor can expect to receive if they place a winning bet.
How do Odds Work in Esports Betting?
Odds work in a straightforward manner in most best esports betting sites. The lower the odds, the higher the probability of the outcome occurring, and the lower the potential payout. Conversely, the higher the odds, the lower the probability of the outcome occurring, and the higher the potential payout.
For example, if a team has odds of 1.5 to win a match, it means that they are the favorites to win, and the potential payout for a winning bet will be lower. On the other hand, if a team has odds of 3.5 to win a match, it means that they are the underdogs, and the potential payout for a winning bet will be higher.
Types of Odds in Esports Betting
There are three main types of odds in esports betting: decimal odds, fractional odds, and American odds. Decimal odds are the most commonly used in esports betting and are expressed in decimal format, such as 1.5 or 2.0. Fractional odds are typically used in the UK and are expressed as fractions, such as 2/1 or 3/2. American odds are used in the US and are expressed as either positive or negative numbers, such as +200 or -150.
How to Read Odds in Esports Betting?
Reading odds in esports betting is easy. The first step is to understand the type of odds being used. Once you know the type of odds, you can read them by looking at the numerical value.
The lower the number, the higher the probability of the outcome occurring, and the lower the potential payout. Conversely, the higher the number, the lower the probability of the outcome occurring, and the higher the potential payout.
Understanding Implied Probability
Implied probability is the probability of an outcome occurring based on the odds offered by the bookmaker. It is calculated by dividing 1 by the decimal odds and converting the result into a percentage. For example, if the odds of a team winning a match are 2.0, the implied probability would be 50%.
Calculating Potential Payouts
Calculating potential payouts is a simple process. You take the amount you want to bet and multiply it by the odds. For example, if you bet $100 on a team with odds of 1.5, your potential payout would be $150 (100 x 1.5).
Decimal vs. Fractional Odds
There are two types of odds commonly used in esports betting: decimal and fractional. Decimal odds are presented as a decimal number, such as 1.5, and represent the total payout per unit staked, including the initial stake. Fractional odds are presented as a fraction, such as 2/1, and represent the profit that will be made on a winning bet.
Understanding Probability
Probability is a crucial aspect of esports betting odds. Probability refers to the likelihood of a specific outcome occurring and is expressed as a percentage or fraction. Bookmakers use probability to determine the odds for a match or tournament.
Implied Probability
Implied probability is the probability of an outcome implied by the odds offered by the bookmaker. This is calculated by dividing 1 by the decimal odds or by adding the denominator of fractional odds to the numerator and dividing by the total.
Overround
Overround refers to the percentage of the total payout that is kept by the bookmaker as profit. This is calculated by adding the implied probabilities for all possible outcomes and dividing by the total.
Value Betting
Value betting is a strategy that involves identifying odds that are higher than the implied probability of a specific outcome. This can provide opportunities to make profitable bets over the long term.
Line Shopping
Line shopping involves comparing odds from different bookmakers to find the best value for a specific bet. This can help increase potential winnings and reduce losses.
Bankroll Management
Bankroll management is the practice of managing one’s betting funds to minimize risk and maximize potential profits. This involves setting a budget, establishing a staking plan, and avoiding chasing losses.
Handicap Betting
Handicap betting involves giving a virtual advantage or disadvantage to one team to even out the odds. This can provide opportunities to make profitable bets on underdogs or to increase potential winnings on favorites.
In-Play Betting
In-play betting allows bettors to place bets during a match or tournament as it is happening. This can provide opportunities to take advantage of changing odds and make informed decisions based on the performance of the teams.
Arbitrage Betting
Arbitrage betting involves placing bets on all possible outcomes of a match or tournament with different bookmakers to guarantee a profit. This requires careful analysis of odds and the ability to act quickly.
Esports Betting Analysis
Esports betting analysis involves using statistical models and data analysis to predict outcomes and identify value bets. This can be done using historical data, team and player statistics, and other factors.
Wrapping Up
In conclusion, understanding the odds on esports betting is crucial for making informed betting decisions and maximizing potential winnings. Decimal and fractional odds are commonly used in esports betting, and understanding probability, implied probability, overround, value betting, line shopping, and bankroll management can help increase potential winnings and reduce losses. Handicap betting, in-play betting, and arbitrage betting provide additional opportunities for profit, while esports betting analysis and education can help users make informed decisions and increase their chances of winning.